Summary
Marketing Year 1 Summary, Chapter 1
- Course
- Institution
- Book
A detailed summary of Chapter 1 of the book Principles of Marketing for the course Marketing (EBP033A05), year 1 Economics & Business Economics.
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
MARKETING FOR E&BE | Summary (RUG)
-
Samenvatting Principles of Marketing, ISBN: 9781292220178
-
Marketing Fundamentals Notes
Seller
Follow
femke190729
Content preview
MarketingChapter 1: Marketing: Creating Customer Value and Engagement
> Simply put, marketing is engaging customers and managing profitable customer relationships. The aim
of marketing is to create value for customers in order to capture value from customers in return.
Facing dramatic technological advances and deep economic, social, and environmental challenges,
today’s customers are reassessing how they engage with brands → Customer relationships and value are
especially important today
- Marketing= engaging customers and managing profitable customer relationships.
= The process by which companies engage customers, build strong customer
relationships, and create customer value in order to capture value from customers in
return.
- Two-fold goal: to attract new customers by promising superior value and to keep and
grow current customers by delivering value and satisfaction.
- Evolution of marketing: today’s marketers want to become a part of your life and enrich
your experiences with their brands. They want to help you live their brands.
- Is not just selling & advertising → also: satisfying customer needs. Selling and advertising
are only part of a larger marketing mix—a set of marketing tools that work together to
engage customers, satisfy customer needs, and build customer relationships.
By creating value for c onsumers, they in turn capture value from consumers in the form of sales, profits,
and long-term customer equity.
(1) Step 1: marketers need to understand customer needs and wants and the marketplace in which they
operate.
5 core customer and marketplace concepts:
1. needs, wants, and demands
- Needs= states of felt deprivation (physical, social, individual)
- Wants= The form human needs take as they are shaped by culture and individual personality
(described in terms of objects)
- Demands= Human wants that are backed by buying power.
2. market offerings (products, services, and experiences);
- Market offerings= Some combination of products, services, information, or experiences offered
to a market to satisfy a need or want.
- Many sellers suffer from marketing myopia= The mistake of paying more attention to the
specific products a company offers than to the benefits and experiences produced by these
products.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller femke190729. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.23. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now